‘Dogecoin Looks Much Stronger Than Most Altcoins’ And Could Continue To ‘Golden Pocket’ At $0.26, Says Trader
Despite Dogecoin’s (CRYPTO: DOGE) 10% week-over-week drop, a prominent crypto trader sees a bullish chart pattern forebode stronger price performance.
What Happened: Crypto trader Kevin shared his optimistic perspective on Dogecoin, highlighting the meme coin’s resilience compared to other altcoins during a prolonged market slump.
On the weekly chart, he emphasized the importance of Dogecoin maintaining its position above the Macro .382 Fibonacci retracement level and the blue support zone. He suggested that if these levels hold, Dogecoin could continue upward to the golden pocket range of $0.26 to $0.33.
He added, “Let’s keep this as simple as possible. Dogecoin looks much stronger than most Altcoins throughout this massive bleeding period that has lasted more than 3 months.”
In another tweet on June 9, Kevin noted that the 12D time frame Gaussian Channel, which has never failed, “just flipped green on Dogecoin for the first time since December 2020, indicating that a potential strong bullish trend is in the cards in the coming months.”
Why It Matters: Kevin’s analysis comes at a time when the cryptocurrency market has been experiencing significant volatility, with many altcoins seeing substantial declines in value.
In the past week, majority of the meme coins like Dogecoin, Shiba Inu, Pepe, Dogwifhat and Bonk have reported declines in the range of 8% to 20%.
The focus on key support and resistance levels, such as the Macro .382 Fibonacci retracement and the golden pocket, offers traders specific targets to watch. This kind of detailed analysis can help investors make more informed decisions in a highly volatile market.
IntoTheBlock data noted a drop in DOGE holders in profit at current levels from 83% to 80%.
Price Action: In the past 24 hours, DOGE is trading 0.5% down.
What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Image: Shutterstock
